Adam Speakman, head of fraud and investigations at Metro Bank, told Express.co.uk: “Fraud related to Cryptocurrency is so prevalent, a number of British banks are preventing their customers from transferring funds to crypto trading platforms.

 “However if consumers follow our simple steps and make the appropriate checks before investing – like they should with any other investment opportunity –  they can reduce the fraud risk, however the risks associated with any investments still exist.”

People are advised when choosing to invest to research the organisation thoroughly.

Also, check consumer-protection websites and independent reviews. Many cryptocurrencies are not registered with Financial Conduct Authority. Always use a firm that is on the FCA register .

Metoro Bank added that no matter how professional looking the website is,  if you are being offered significant high returns, or out of the blue contact promising big profits – this is potentially a scam. If it sounds too good to be true, it usually is.

Also, celebrity endorsement does not mean the opportunity is genuine and don’t respond to cold calling or uninvited approaches.

 



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